Payroll Tax and Information

For fiscal year partnerships, returns will be due on the 15th day of the 3rd month after the year-end. A six-month extension is allowed from that date.

S Corporation (calendar year)

Form 1120S

March 15

Extended: September 15

Same rules as Partnerships above.

C Corporation (calendar year)

Form 1120

April 15

Extended: September 15

Corporations will be allowed a six-month extension, except calendar-year corporations will get a five-month extension until 2026 and corporations with a June 30 year-end would get a seven-month extension until 2026.

C Corporation Fiscal Year End

(other than Dec. 31 or June 30)

15th day of the 4th month after year-end

Extended: 15th day of 10th month after year-end

Exempt Organization

(calendar year)

Form 990

May 15

Extended: November 15

Extension will be a single, automatic six-month extension, eliminating the need to process the current first 90-day extension.

Individual

Form 1040

April 15

Extended: October 15

No change

Trust and Estate

Form 1041

April 15

Extended: September 30

No change

FinCen

Report 114

April 15

Extended: October 15

Foreign Bank and Financial Accounts Report (FBAR) usually included with tax return.

Information Returns

(i.e., W-2 and 1099s)

Forms W-2 and certain 1099-Misc due to IRS/SSA

January 31

No change.

Other items of note:

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Please be informed that Form 1099 Misc. informational reports for 2020 must be filed with thefederal government no later than January 31, 2020.These informational returns are also due to the recipients by January 31, 2020. However, if you need additional time; a one-month extension is available by submitting form 8809 before January 31, 2020. Please let us know if you would need our office to do so. Further, if you would like our office to prepare the required government reporting documents, please let us know as soon as possible.These are the following forms due:

1)Common Information Returns:

Form 1099-MISC:For 2020, non-employee compensation will be reported on form 1099-NEC. All others will use 1099-Misc payers for each person who is paid at least $10 in gross royalty payments, or $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, fishing boat proceeds or gross proceeds to an attorney.Please note that persons receiving rental income will have new reporting requirements and should consider issuing a 1099-MISC to service providers who have earned more than $600 in the course of earning rental income, especially if your activity is a non-passive activity (an indicator that you will not be subject to the additional net investment income tax under the ACA [Obamcare])under current filing requirements. Further issuance of 1099-Misc forms to vendors indicate a viable business for purposes of a qualified business deduction under the new sec 199A law (TCJA)

Form 1098:Filed by recipients of $600 or more in mortgage interest and points.

Form 1099-A:Filed to report foreclosures or abandonment of real property by lender.

Form 1099-INT:Filed by payers who pay $10 or more in interest.

Form 1099-DIV:Filed by payers who pay $10 or more in corporate dividends, capital gain distributions, 404(k) dividends and corporate liquidation distributions.

Further, please update your corporate minutes at the end of your corporate year to fully disclose your compensation, your retirement assumptions and commitments, your fringe benefit policies, the terms of use of company vehicles, and loan and rental agreements between corporate officers and the corporation, additions/subtractions of corporate owners/officers, relationships with any other entities, changes in office location, including new lease commitments, long-term plans to retain working capital to be used for growth, and other legal commitments and any other relationships transactions.

It is very important to disclose these relationships in the corporate minutes to ratify all decisions made by the corporation during the year and to codify these relationships in case of audit and/or legal action.

Please pay your estimated tax to both Federal and State authorities. The penalties are being asserted at greater rates without waiver capabilities.